The State budget value for 2015 will rise above expectations by 17.4 trillion VND (790.9 million USD) while the budget deficit is estimated at 31 trillion VND (1.4 billion USD).
Deputy Finance Minister Do Hoang Anh Tuan (second from left) (Source: VNA)
The State budget value for 2015 will rise above expectations by 17.4 trillion VND (790.9 million USD) while the budget deficit is estimated at 31 trillion VND (1.4 billion USD), Deputy Finance Minister Do Hoang Anh Tuan told a press conference in Hanoi on October 26.
The higher budget value is buoyed by a 6.5 percent economic growth and a low 1.5-2 percent consumer price index.
Explaining the budget deficit, Tuan pointed to low fuel prices and import tariffs stipulated in a series of free trade agreements. To make up for this, the government asked the National Assembly to approve the minimal use of 10 trillion VND (450 million USD) divested by some State-owned enterprises.
Additionally, up to 34 trillion VND (1.54 billion USD) worth of late corporate taxes will be collected, more than 5 trillion VND (225 million USD) of which was collected in the first nine months of this year.
Tuan admitted that several companies are purposefully delaying tax payments for their own gains.
The ministry also established five groups in charge of uncovering transfer pricing behaviours, he said.
On public debts, Tuan said they account for 63.2 percent of the budget, inclusive of official development assistance for 2016, which is still within its limits.-VNA
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Deputy Finance Minister Do Hoang Anh Tuan (second from left) (Source: VNA)
